Banker faces jail term over e-mail

FRANK Quattrone, a star US investment banker during the internet stock bubble, has been convicted of obstructing justice by sending a 22-word e-mail encouraging colleagues to destroy files.

A federal jury in Manhattan returned guilty verdicts on charges of obstructing a grand jury, obstructing federal regulators and witness tampering.

Quattrone’s e-mail, sent on December 5, 2000, urged colleagues at Credit Suisse First Boston to destroy documents. At the time, a grand jury and US federal regulators were investigating the bank’s stock allocation practices.